VHC – Earnings review – [BUY] – 2Q24 Earnings surpassing expectations

In 2Q24, VHC released a VND3,196bn revenue (+17.3% yoy/ +11.9% qoq), thanks to the resumption of all business segments. Notably, pangasius fillets revenue posted to VND1,724bn (+8.7% yoy/ +17.8% qoq). NPAT-MI sat at VND314bn, sliding by 28.5% yoy but strongly reviving compared to 1Q24 (+85% qoq). This is a positive signal for earnings recovery.